Wednesday, March 11, 2009

Quebecor newspapers to pull out of Canadian Press

Quebecor Inc (QBRa.TO) (QBRb.TO) is pulling out its stable of newspapers from the Canadian Press news co-operative in a bid to cut costs and grow its own in-house news agency.

Quebecor, which owns the Sun Media and Osprey newspaper chains, and represents CP's biggest media member group, will depart at the end of June 2010 and the impact will be "significant," CP director Phillip Crawley told Reuters.

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